No, that is not necessarily true. The amount of the exemptions that are granted by each taxing entity is subtracted from the market value of your residence and the taxes are calculated on that "lower value."
In addition, when you turn 65, you may receive a "tax ceiling" for your total school taxes; that is, the school taxes on your residence cannot increase as long as you own and live in that home.
If you significantly improve your home (other than ordinary repairs and maintenance), tax ceilings can go up. For example, if you add a swimming pool, a garage, a storage building, and a room to your home, or significantly remodel your home, your tax ceiling can rise. It will also change if you move to a new home. The tax ceiling is set at the amount you pay in the year that you qualify for the senior citizen exemption. The county, city or special district may adopt a tax ceiling.
You may transfer the same percentage of school taxes paid to another qualified homestead in the state. If the county, city or special district grants the limitation, you may transfer the same percentage of taxes paid to another qualified homestead within that same taxing unit.
To transfer the tax ceiling, you must qualify for an Over-65 or Disabled Person exemption at your previous residence and complete the Tax Ceiling Transfer form. A current Homestead Exemption application must also be completed for the new residence. These forms can be downloaded from the Forms section on this site or call our office at (956)-399-9322.
Attach current proof of age or the date your disability began. Acceptable proof of age includes either a copy of the front side of your driver's license or a copy of your birth certificate or any official document reflecting your date of birth.
No. You may NOT claim both an Over-65 and Disabled Person exemption in the same tax year.
No. Often organizations mistakenly believe they are entitled to a property tax exemption because they have received a federal income tax exemption under Section 501(c) (3) of the Internal Revenue Code or an exemption from State sales taxes. The constitution requirements for property tax exemptions are different than the provisions covering income and sales taxes.
A non-profit organization may qualify for a total exemption from property taxes, but they must apply by April 30th to the Cameron Appraisal District for the exemption.
In the State of Texas, our public schools are primarily funded by property taxes. The amount of taxes is based on your appraised value, unless you qualify for a tax exemption, which is a tax break or discount that the state mandates the taxing entity to give or the local entity votes or chooses to give.
The exemptions for your primary residence are Homestead, Over-65, Disabled Persons, or 100% Disabled Veteran’s Homestead. Disabled Veteran's Exemption may be applied on any one property the Texas resident owns. All applications require proof of Texas residency for all owners of the property to qualify. (I.e. Driver's license for a licensed driver)
Yes. Both spouses must apply and both spouses must provide required information. (I.e. copies of driver's license)
Yes. But only the owner's occupying the residence will qualify. The account will be split out to a UDI. TPTC Section 11.41 Partial ownership of exempt property, only the qualifying owner will receive the exemption and the exemption is multiplied by the percent of ownership.